FNTIC ALTA Policy Comparisons

ALTA LOAN POLICY COMPARISON CHART This comparison chart is intended as a guide to identifying differences between the 2021 and 2006 ALTA policies. It should not be relied upon for the interpretation of these policies. Updated 07-14-2021 ALTA LOAN POLICY COMPARISON CHART Page | 11 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS (g). advances for insurance premiums; NEW. (vii) the amounts advanced to assure compliance with laws or to protect the lien or the priority of the lien of the Insured Mortgage before the acquisition of the estate or interest in the Title; (viih). the amounts advancedadvances to assure compliance with laws or to protect the validity, enforceability, lien or the priority of the lien of the Insured Mortgage before the acquisition of the estate or interest in the Title; including, but not limited to: SIMILAR. (1). real estate taxes and assessments imposed by a governmental taxing authority, and SIMILAR. (2). regular, periodic assessments by a property owners’ association; and CLARIFICATION. (viii) the amounts to pay taxes and insurance; and (viii) the amounts to pay taxes and insurance; and SIMILAR. Advances before acquisition of the Title by the Insured will be components of the Indebtedness under the 2021 ALTA Loan Policy. (ix) the reasonable amounts expended to prevent deterioration of improvements; (ixi). the reasonable amounts expendedadvances to prevent deterioration of improvements; before the Insured’s acquisition of the Title, but SIMILAR. Advances before acquisition of the Title by the Insured will be components of the Indebtedness under the 2021 ALTA Loan Policy. but the Indebtedness is reduced by the total of all payments and by any amount forgiven by an Insured. ii. but the Indebtedness is reduced by the totalsum of all payments and by any amountamounts forgiven by an Insured. SIMILAR. (e) “Insured”: (e)j. “Insured”: IMPROVED COVERAGE. The Insured named in Schedule A. i. (a). The Insured named in Item 1 of Schedule A or future owner of the Indebtedness other than an Obligor, if the named Insured or future owner of the Indebtedness owns the Indebtedness, the Title, or an estate or interest in the Land as provided in Condition 2, but only to the extent the named Insured or the future owner either:. SIMILAR. This additional language in the 2021 ALTA Loan Policy does not alter the coverage that was provided in the 2006 ALTA Loan Policy, but does clarify that the Insured is a person that holds the Title after acquiring the Indebtedness, regardless of the means of acquisition. (i) The term “Insured” also includes (i) The term “Insured” also includes (A) the owner of the Indebtedness and each successor in ownership of the Indebtedness, whether the owner or successor owns the Indebtedness for its own account or as a trustee or other fiduciary, except a successor who is an obligor under the provisions of Section 12(c) of these Conditions; (1A). the owner of the Indebtedness and each successor in ownership of the Indebtedness, whether the owner or successor owns the Indebtedness for its own account or as a trustee or other fiduciary, except a successor who is an obligor under the provisions of Section 12(c) of these Conditions; or SIMILAR. (2). owns the Title after acquiring the Indebtedness; SIMILAR. (B) the person or Entity who has “control” of the “transferable record,” if the Indebtedness is evidenced by a “transferable record,” as these terms are defined by applicable electronic transactions law; (Bb). the person or Entity who has “control” of the “transferable record,” if the Indebtedness is evidenced by a “transferable record,” as these terms are defined by applicable electronic transactions law; SAME. (C) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization; (Cc). successorsthe successor to the Title of an Insured byresulting from dissolution, merger, consolidation, distribution, or reorganization; SIMILAR. This additional language in the 2021 ALTA Loan Policy does not alter the coverage that was provided in the 2006 ALTA Loan Policy, but does clarify that the Insured is a person that holds the Title as a successor.